Parties to meet Monday in Washington D.C.
* April 17 new deadline for modified reorganization plan
By Tom Hals
NEW YORK, April 2 (Reuters) - Delphi Corp (DPHIQ.PK) will meet on Monday in Washington D.C. with creditors, the government's auto task force and General Motors Corp (GM.N) to discuss the firm's reorganization, an attorney for the bankrupt auto parts maker said on Thursday.
The meeting will cover the major issues of the reorganization plan for the company, which has been in bankruptcy since 2005, the attorney said Jack Butler, of Skadden, Arps, Slate, Meagher & Flom, which represents Delphi.
He described the meeting as "very good news" for parties in the bankruptcy by establishing a consensus on the timetable for developing a plan, rather than having that timetable determined by Delphi.
The U.S. Treasury's auto task force filed a motion on Wednesday seeking to block a GM-Delphi agreement that would have provided the parts maker access to $150 million, contingent on Delphi selling its steering business to GM.
Treasury representatives at a bankruptcy court hearing on Thursday said they hoped Monday's meeting would resolve the issues between GM and Delphi.
The Treasury has the right to object to large GM transactions as part of its $13.4 billion emergency loan it extended to the automaker at the end of 2008.
"There's a vibrant process we have at the table now. The key parties are at the table and the key issues identified," said Butler. "This is very good news for Delphi and the stakeholders."
The judge also approved amendments to Delphi's bankruptcy funding and established April 17 as the new deadline for the company to file a modified reorganization plan. The previous deadline expired on Thursday. (Editing by Tim Dobbyn) ----------- schaun mer mal |